On August 24, 2022, President Biden and the U. S. Department of Education announced a plan designed to help working and middle-class students with loan debt. The main provisions of this announcement are a final extension of the pause to student loan repayments through...
It is the employer's responsibility to ensure that tax-deferred contributions collected from employees' paychecks are transferred into the plan's trust account on time, whether it be a profit-sharing, 403(b), 401(k), or another defined contribution plan. It is the...
It is the fiduciary duty of defined contribution plan sponsors to ensure the plan acts in the best interest of all participants, as opposed to favoring one group or individual. The Employee Retirement Income Security Act of 1974 (ERISA) requires that plans undergo...
As the summer season comes to a close and families start their back-to-school (BTS) shopping, retail’s second busiest season of the year comes at a time when there are extraordinary pressures within the economy that we have not seen in quite some time. Surging...
A System Organization Controls report, or SOC report, is an integral part of an organization’s employee benefit plan. This report details the controls used by a service provider through review, evaluation, and testing. The report is often used by employee benefit...
Nobody ever said the restaurant industry is easy. Beaten up by COVID closures, record-high inflation, and persistent staffing shortages, some operators are just an invoice or two away from hanging up the “Sorry, We’re Closed” sign for good. Even in the best of times,...
The Coronavirus pandemic sent many industry workers home and delayed projects over the last few years, including in the construction industry. While the industry did not stop work completely, there was a significant slowdown in projects due to labor and supply chain...
Menu Item Analysis and Categorization is the study of the profitability and popularity of menu items and the impact each has on operations. It requires a thorough understanding of food costs, sales, and the subsequent categorization of items. From there, various...
For the second half of 2022, the standard mileage rate for business travel will increase by 4 cents per mile, from 58.5 to 62.5 cents, according to IRS Announcement 2002-13. The rate for deductible medical or moving expenses will likewise increase by 4 cents per mile...
No matter what your company manufactures, the management of inventory throughout the manufacturing process is critical to the profitability and overall success of your organization. Sadly, some manufacturers fail to understand many of the basic concepts related to...